Gold Rose on Weak Dollar

Gold rose in early European trade today, hovering close to a 10-week high hit in the previous session, as a weak dollar supported prices.

"In the medium-term, gold does look a little overbought, but last week’s rally looks as if the bulls may test the next level of technical resistance at $693,40," a Standard Bank report said.

Spot gold stood at $683,00 an ounce in early trade, versus $682,90 late in New York on Friday, when gold touched $686,00, the highest since May 9.